For many people, so much of life is controlled by and run through phones and computers.
Important business, social media, your email… it’s all done online. You know your username and password, but what happens to your digital property when you die?
It’s a new year, and now may be a good time to create or think about a digital asset plan.
If you die, it could be difficult for your loved one to gain access to your online accounts and settle your affairs.
Password protections and service agreements can make it hard to gain access to your accounts if you die, or are no longer able to manage them.
That’s why it’s important to have a digital plan in today's digital world.
Ken Colburn, of Data Doctors, said it’s something many people don’t think about. But he adds that the most helpful thing you can do is leave instructions about your online accounts for your family.
“It is horrible for a grieving family to then have to go through the frustration trying to convince these online accounts that something has happened,” said Colburn.
Here are examples of what your digital property can include but is not limited to:
- Online banking
- Social media
- Utility
- Shopping accounts
- Subscriptions services
Many companies have legacy policies that manage what happens to your online accounts if you die, so be sure to check the company’s agreements for the best way to handle your online affairs.
If you are ready to create your digital legacy start with an inventory of all the stuff you use regularly.
Write and document all your account usernames and passwords. Once you’re done store it in a safe place.
Also consider creating a document with a password, which allows a specific person to have access to the document information.
Convey your wishes. It’s important to express your wishes to your loved ones so they will know exactly what to do, where to go, and how to manage your accounts should you die or can no longer manage them.
Your email is ultimately the key to accessing many of your accounts, make sure a specific person has this information.
Colburn added, “Make sure that your smartphone and your primary email accounts are accessible to a loved one and from there it will be a little bit easier.”
Remember, creating your plan is not just a set-it-and-forget-it situation. Colburn suggests once every six months, set a reminder in your calendar to review the plan.
“If you do this on a regular basis it’s not that time-consuming,” said Colburn.
If you are not sure about creating a digital plan, you can also speak with a financial advisor for help or guidance.
